Grexit or economic reforms?


The Greek industry association SEB on Wednesday demanded that the government enact necessary economic reforms or else the country could be forced out of the European Union in a so-called Grexit.

First and foremost tax fraud had to be reduced, the SEB stressed in its evaluation of the Greek economy for the start of 2017 in a report entitled “Wonderful Year or Horrible Year.”

Greece has been dependent on international credit since 2010. In 2015, the government went to international lenders again for an 86-billion-euro bailout in return for wide-ranging reforms.

Greece now sits on a 315-billion-euro mountain of debt, equivalent to 180 per cent of gross domestic product.

Many blame the country’s economic woes on a decision to ditch the drachma and adopt the euro.

A current opinion poll shows that 58 per cent of people think that it was a mistake to adopt the euro, with just 38 per cent thinking it was a good idea.

The representative poll by the Alco Institute is due to be published in Thursday’s edition of the Greek magazine Zero.